In an alert Wednesday to clients, the chief executive at Adviser Investments in Newton, Mass., points out 100-point moves on the Dow these days represent a swing of just 0.65%. That’s what happens when the blue-chip average surges to record highs above 15000.

In fact, since the Fed’s last meeting, the average daily move in the Dow has been 0.07%. If you average just the losing days, the average loss on those down days has amounted to -0.51%, Wiener says.

Even looking back a month earlier shows a similar pattern. “The markets have yet to show increased volatility in real money-losing or money-gaining terms. It’s just the raw ‘points’ numbers that are getting bigger,” Wiener says.

Taking an even longer-term view, the number of more acute moves by stocks don’t appear awe-inspiring at this point. Consider that so far in 2013, just one move has been recorded on the Dow of 2% or more. In fact, since markets started rebounding in 2009, the Dow has averaged nearly 25 different days of 2% or greater swings through last year, according to WSJ Markets Data Group.

As Wiener says, “Big deal.”

The Chicago Board Options Exchange’s Market Volatility Index, known as the VIX, was most recently registering a reading just above 18, which is below its long-term average and rather subdued compared to the critical 25 level that some analysts consider a key line-in-the-sand for investors to watch.